Tax credits as a marital asset?
As if being a family lawyer wasn't hard enough...
Family lawyers should be accounting for any tax credits taken or planned by a business owner going through a divorce.
The Employee Retention Tax Credit (ERTC) under the CARES Act implemented a refundable tax credit for up to $26,000 per employee. This could result in millions of dollars for larger companies.
Family lawyers, remember to add this to your radar during discovery. If not, you can be missing a significant source of cash to a business owner post-divorce. How have you been accounting for ERTCs during divorce cases? Let us know below👇
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